By the Numbers – Mortgage Applications

Even though we are still in the heart of the winter, spring has come early for the housing market according to the Mortgage Bankers Association.

Last week vs. the previous week:

4.5% – increase in all mortgage applications

1% – refinance applications increase

6% – purchase applications increase

Last week vs. same week last year:

6.1% – applications volume increase

7% – purchase applications up

Last week’s average contract interest rate:

4.36% – for 30-year fixed, conforming loan

80% - for LTV

“A combination of being left on the sideline last summer due to a lack of inventory for sale and the prospect of slowly rising interest rates over the near term appears to have buyers in a hurry to start the spring buying season,” said Lynn Fisher, MBA’s Vice President of Research and Economics.